"Tidbits From TNT" Wednesday Morning 10-25-2023

TNT:

Tishwash:  Iraq and BRICS

The most important characteristic of Iraq's economic relationship with the BRICS group is the volume of trade exchange, as Iraq's oil exports to the countries of this group constitute more than half of the total exports, especially the countries of India and China. Imports amount to approximately 70 percent of the total import volume.

The most important thing that concerns us in this matter is that commercial exchanges and financial transactions can be carried out in national currencies within the BRICS program, which heralded countries aspiring to escape from the dominance of the “SWIFT platform” for exchanges and transactions and liberate local currencies from the pressure of the dollar’s ​​dominance as the sole currency for commercial exchanges and financial transactions in light of dollarization.

The global economy, as well as the possibility of trade partnership within the Chinese “Belt and Road” program within the framework of a clearly defined program in which the common rights and interests of the countries of the group and the countries participating with it are guaranteed without monopoly or domination. 

Iraq's location is considered one of the most important locations on the map of trade between East and West, in addition to its importance on the map of global oil markets. Certainly, the mechanisms of this cooperation will push towards more partnerships with the countries of this group, especially investment partnerships in a promising and attractive environment once the main goals of engagement are achieved. In this group. 

BRICS are the first letters of the names of five countries with rapidly growing economies that share the desire to be liberated from the West’s hegemony over the global economy, and to put an end to this hegemony in international political issues.

These countries are (Brazil, Russia, India, China, and South Africa), and recently this group was able to attract... A number of the most important and promising economies in the world, including (Argentina, Venezuela, Algeria, the Kingdom of Saudi Arabia, Iran, Egypt and the United Arab Emirates).     

Most of these countries have locations on the map of the Chinese “Belt and Road” initiative and have a desire to transact business through their local currencies in purchasing goods, to ensure freedom from the power and hegemony of the dollar in commercial exchanges

While Iraq shares its important position and the desire to be free from the power of the dollar, which caused Many monetary and financial imbalances were one of the elements that repel investment, which means that Iraq’s economic interests are pushing towards economic cooperation with the countries of this group and looking towards monetary stability and towards broader areas in the flow of investments from the BRICS countries in a way that serves the future of sustainable development in our country. link

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Tishwash:  The situation is getting worse... Article 140 is still outside the circle of political consensus

A member of the Committee of Regions and Unorganized Governorates in the Parliamentary Region, Jawad Al-Yassari, stressed today, Wednesday, the necessity of creating a political consensus within the House of Representatives and the government, in order to implement Article 140 of the Iraqi Constitution.

 Al-Yasari said, in an exclusive interview with Al-Mutala’ Agency, that “the failure to implement Article 140 and end the problems between Baghdad and the region, and even the intertwined borders between the governorates, is due to the lack of political consensus, within the House of Representatives, and also between the governments of the center and the region.”

He added, "Failing to implement this article will make the situation worse. Therefore, the parties must agree and reach effective solutions to implement it," noting that "relying on this article and not considering it is a violation of the constitution and the law."

A member of the Parliamentary Regions and Governorates Committee confirmed that Article 140 “is not subject to or concerned with one governorate, but rather with all governorates and regions whose lands were usurped by the former regime, and that this article was established in the constitution to address those violations before 2003.”   link

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Tishwash:  To facilitate banking procedures...the Iraqi Central Bank takes 6 new steps (documents)

Today, Wednesday, October 25, 2023, the Central Bank of Iraq took 6 new steps to facilitate banking procedures, in a letter addressed to all licensed banks.

 According to the book, a copy of which Al-Sumaria News obtained, banks must act according to the following

All approved banks

M/ Facilitating banking procedures

good greeting...

Addendum to our circulars No. 2/9/275, 9/2/119, and 9/2/126 on 1/7/2019, 23/23 and 2/26/2023, regarding facilitating the procedures for opening accounts and marketing banking services, given the connection between the performance of banks. And their profitability with those products and services, which is reflected in the growth and development of the Iraqi banking sector, expanding financial inclusion, and increasing confidence in this sector. Therefore, bank departments must work on the following:

1. Consider taking into account the interest and return rates for savings accounts - deposits that encourage attracting funds to the sector. The Iraqi banker, in accordance with the monetary policy of this bank.

2 It is necessary for the awareness, media and relations departments in your banks to carry out a media campaign through official websites, as well as on social networking sites, and all official channels and newspapers for the purpose of attracting customers and advertising all the products and services provided by the bank, as well as carrying out external financial transfer operations at the official exchange rate in all branches of your bank and preparing Your employees, which motivates customers to enter the banking sector and enjoy these services.

Case 3: It is necessary for you to work on what your banks offer through (our bank application), in Raqia Private Tennis, (might be a bad translation) and to promote this through all newspapers and social media.

4. Holding awareness workshops, seminars and conferences that encourage customers to enter the banking sector.

5. The necessity of working to expand the procedures related to the process of promoting the deposit insurance company further through the use of the official websites of your banks, or holding meetings with a sample of merchants and investors in order to reassure customers that there is insurance for your banks in the deposit insurance company, and thus the deposits will be returned to them in the event of the bank’s insolvency. In accordance with the instructions and controls issued in this regard.

6 A link is attached to the account opening forms for individual accounts, as well as (merchant accounts), (corporate accounts), and (joint accounts) to work according to, which makes it easier for customers of all types to open accounts with ease and ease, provided that (the form organizer - the liaison officer in the branches) Or the director of the reporting department or his assistant at the main branch - the branch manager - signs the form, and the form data is updated and the Anti-Money Laundering and Terrorist Financing Office is informed in the event of suspicions, without notifying the client of this.

Working in accordance with the requirements of the stated directives will be a critical criterion in evaluating the performance of banks in order to serve the national economy, the banking sector, and the public, with the Central Bank’s readiness to provide support and support to achieve this.

To adhere to what was stated in the flags with progress   link

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